Do You Have A Foreign Bank Accounting Reporting Requirement?

United States persons are required to file an FBAR if:

The United States person had a financial interest in or signature authority over at least one financial account located outside of the United States; and

The aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year reported

United States persons include U.S. citizens; U.S. residents; entities, including but not limited to, corporations, partnerships, or limited liability companies, created or organized in the United States or under the laws of the United States; and trusts or estates formed under the laws of the United States.

2016 FBAR’s are due June 30, 2016 and cannot be extended

The rules are complex and the potential penalties for failure to timely file an FBAR are severe. Penalties are determined per account and whether the non-filing is a willful or non-willful violation. They start at $10,000 and can increase to $100,000 or 50% of the account balances for each violation.

Contact our office as soon as possible if you believe you have a reporting requirement on your foreign bank or investment accounts.